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I have recently picked up a 1990 F150 2wd, 5.0l/ the truck runs great, however once it goes above 40mph the Oil Pressure dropes to nil, I slow down it comes back to normal, oil levels are fine, no CEL.
The engine sounds fines, I have put over 200 miles on it with this problem and everything is running good, any suggestions as to what may be the cause of this?
It could be the sender or the gauge. Ground the wire on the sender and see if it puts the gauge halfway up. If it does, it's the sender. Get one from Napa or online someplace like jeffsbroncograveyard.com.
I doubt it's your oil pressure, because it would be behaving the opposite if it were the problem.